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Listing provided courtesy of McColly Real EstateNorthwest Indiana MLSas Distributed by MLSGrid- MLS# 831022MLS Provider

502 Monroe/ 251 LocustValparaiso, IN 46383

Multi-Family · 6 Beds · 5 Full Baths · 0.20 Acres
$485,000 Active

502 Monroe/ 251 Locust Overview

Time on Site:
222 days
Visits:
0

Excellent Investment Opportunity in Valparaiso! Don't miss this great chance to own a 5-unit income property in the heart of Valparaiso! This solid two-story brick building offers classic curb appeal, reliable rental potential, and long-term value. The property features five separate units, providing steady income and flexibility for investors or owner-occupants. Each unit is well-maintained with functional layouts, and tenants enjoy convenient on-site parking plus a two-car garage for added storage or rental potential. Located close to downtown Valparaiso, shopping, restaurants, schools, and major highways, this property offers excellent accessibility and strong rental demand. Whether you're expanding your portfolio or looking to start your investment journey, this is a turnkey opportunity with consistent cash flow and room to grow

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502 Monroe/ 251 Locust Facts & Features

  • Type Multi-Family
  • Lot 0.20 Acres

Details

General

School Information

  • School District: Valparaiso

Building Information

  • New Construction: false
  • Year Built: 1880

Location/Region

  • County Or Parish: Porter
  • Subdivision Name: Center 004 Banta's Add,OS,Powells & etc0
  • Township: Center

Rent/Lease Information

  • Rent Includes: Gas,Water,Trash Collection,Sewer

Tax Information

  • Tax Annual Amount: 10022.16
  • Tax Year: 2025

General Information

  • Listing Terms: Cash,Conventional
  • Parcel Number: 64 09 24 456 001 000 004
  • Pets Allowed: Number Limit,Yes
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Special Listing Conditions: None

Interior

Parking Information

  • Garage Spaces: 2
  • Garage: true

Beds/Baths

  • Bathrooms Full: 5
  • Bathrooms Total: 5
  • Bedrooms Total: 6

Building Interior

  • Above Grade Finished Area: 3166

General Information

  • Appliances: Range,Refrigerator
  • Fireplace: false
  • Heating: Baseboard,Natural Gas,Hot Water
  • Interior Features: Other
  • Levels: Two
  • Security Features: Smoke Detector(s)

Exterior

Parking Information

  • Parking Features: Driveway,On Street

Lot Information

  • Lot Features: Corner Lot
  • Lot Size Acres: 0.2
  • Lot Size Source: Assessor
  • Lot Size Square Feet: 8712
  • Water Source: Public

Waterfront/View

  • View: Neighborhood
  • Waterfront: false

Building Exterior/Construction

  • Patio And Porch Features: Front Porch

General Information

  • Exterior Features: None
  • Sewer: Public Sewer
  • Utilities: Electricity Connected,Water Connected,Sewer Connected,Natural Gas Connected

502 Monroe/ 251 Locust Neighborhood

Community

46383 (VALPARAISO) Demographics

37
Median Age
472
Population Density (per sq. mile)
47%
College Educated
$63,220
Estimated Median Income
10,028
Estimated Total Home Owners
6,383
Estimated Total Renters
61% / 39%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

502 Monroe/ 251 Locust Monthly Cost

$
$ %
%
$
$
Jim Luxem Jr
* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

502 Monroe/ 251 Locust Market Data

Based on the last 30 days in this zip code

$429,637
Average List Price
$106
Average Price per Square Foot
55
Properties Sold
74
Average Days on Market
154
Properties for Sale
Calculations provided by Reliance Network

502 Monroe/ 251 Locust History

Date Event Value Agent
6/2/2026Source: Northwest Indiana MLS Price Reduction
$485,000 -3.0%
5/21/2026Source: Northwest Indiana MLS Price Reduction
$499,886 -0.0%
4/28/2026Source: Northwest Indiana MLS Price Reduction
$499,887 -0.0%
4/23/2026Source: Northwest Indiana MLS Price Reduction
$499,888 -0.0%
4/17/2026Source: Northwest Indiana MLS Price Reduction
$499,889 -0.0%
4/7/2026Source: Northwest Indiana MLS Price Reduction
$499,890 -0.0%
3/31/2026Source: Northwest Indiana MLS Price Reduction
$499,891 -0.0%
3/9/2026Source: Northwest Indiana MLS Price Reduction
$499,892 -0.0%
2/9/2026Source: Northwest Indiana MLS Price Reduction
$499,893 -0.0%
1/29/2026Source: Northwest Indiana MLS Price Reduction
$499,894 -0.0%
1/23/2026Source: Northwest Indiana MLS Price Reduction
$499,895 -0.0%
1/15/2026Source: Northwest Indiana MLS Price Reduction
$499,896 -0.0%
1/6/2026Source: Northwest Indiana MLS Price Reduction
$499,897 -0.0%
12/29/2025Source: Northwest Indiana MLS Price Reduction
$499,898 -0.0%
12/9/2025Source: Northwest Indiana MLS Price Reduction
$499,899 -0.0%
11/19/2025Source: Northwest Indiana MLS Added to Database
November 19, 2025